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Currency Wars: The Making of the Next Global Crisis

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Currency Wars: The Making of the Next Global Crisis Cover

ISBN13: 9781591844495
ISBN10: 1591844495
Condition: Standard
Dustjacket: Standard
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Synopses & Reviews

Publisher Comments:

and#147;The next financial collapse will resembleand#160;nothing in history. . . . Deciding uponand#160;the best course to follow will requireand#160;comprehending a minefield of risks, whileand#160;poised at a crossroads, pondering theand#160;death of the dollar.and#8221;

The international monetary system has collapsed threeand#160;times in the past hundred years, in 1914, 1939, and 1971.and#160;Each collapse was followed by a period of tumult: war,and#160;civil unrest, or significant damage to the stability of theand#160;global economy. Now James Rickards, the acclaimedand#160;author of Currency Wars, shows why another collapseand#160;is rapidly approachingand#151;and why this time, nothing lessand#160;than the institution of money itself is at risk.

The American dollar has been the global reserveand#160;currency since the end of the Second World War. If theand#160;dollar fails, the entire international monetary system willand#160;fail with it. No other currency has the deep, liquid poolsand#160;of assets needed to do the job.

Optimists have always said, in essence, that thereand#8217;sand#160;nothing to worry aboutand#151;that confidence in the dollarand#160;will never truly be shaken, no matter how high ourand#160;national debt or how dysfunctional our government. Butand#160;in the last few years, the risks have become too big toand#160;ignore. While Washington is gridlocked and unable toand#160;make progress on our long-term problems, our biggestand#160;economic competitorsand#151;China, Russia, and the oilproducingand#160;nations of the Middle Eastand#151;are doing everythingand#160;possible to end U.S. monetary hegemony. Theand#160;potential results: Financial warfare. Deflation. Hyperinflation.and#160;Market collapse. Chaos.

Rickards offers a bracing analysis of these andand#160;other threats to the dollar. The fundamental problem isand#160;that money and wealth have become more and moreand#160;detached. Money is transitory and ephemeral, and it mayand#160;soon be worthless if central bankers and politicians continueand#160;on their current path. But true wealth is permanentand#160;and tangible, and it has real value worldwide.

The author shows how everyday citizens who saveand#160;and invest have become guinea pigs in the centraland#160;bankersand#8217; laboratory. The worldand#8217;s major financial playersand#151;national governments, big banks, multilateraland#160;institutionsand#151;will always muddle through by patchingand#160;together new rules of the

game. The real victims of theand#160;next crisis will be small investors who assumed that whatand#160;worked for decades will keep working.

Fortunately, itand#8217;s not too late to prepare for the comingand#160;death of money. Rickards explains the power ofand#160;converting unreliable money into real wealth: gold, land,and#160;fine art, and other long-term stores of value. As he writes:and#160;and#147;The coming collapse of the dollar and the internationaland#160;monetary system is entirely foreseeable. . . . Only nationsand#160;and individuals who make provision today will surviveand#160;the maelstrom to come.and#8221;

Review:

"In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, 'Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves.' He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.

Synopsis:

The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar.

The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.

In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.

James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.

Synopsis:

Bestselling author and financial guru Harry Dent shows why were facing a “great deflation” after five years of desperate stimulus — and what to do about it now

Throughout his long career as an economic forecaster, Harry Dent has relied on a not-so-secret weapon: demographics. Studying the predictable things people do as they age is the ultimate tool for understanding trends. For instance, Dent can tell a client exactly when people will spend the most on potato chips. And he can explain why our economy has risen and fallen with the peak spending of generations, and why we now face a growing demographic cliff with the accelerating retirement of the Baby Boomers around the world.

Dent predicted the impact of the Boomers hitting their highest growth in spending in the 1990s, when most economists saw the United States declining. And he anticipated the decline of Japan in the 1990s, when economists were proclaiming it would overtake the U.S. economy.

But now, Dent argues, the fundamental demographics have turned against the United States and will hit more countries ahead. Inflation rises when a larger than usual block of younger people enter the workforce, and it wanes when large numbers of older people retire, downsize their homes, and cut their spending. The mass retirement of the Boomers wont just hold back inflation; it and massive debt deleveraging will actually cause deflation—weakening the economy the most from 2014 into 2019.

Dent explores the implications of his controversial predictions. He offers advice on retirement planning, health care, real estate, education, investing, and business strategies. For instance . . .

 
  • BUSINESSES should get lean and mean now. Identify segments that you can clearly dominate and sell off or shut down others. If you dont, the economy will do it for you, more painfully and less profitably.
  • INVESTORS should sell stocks by mid-January 2014 and look to buy them back in 2015 or later at a Dow as low as 5,800.
  • FAMILIES should wait to buy real estate in areas where home prices have gone back to where the bubble started in early 2000.
  • GOVERNMENTS need to stop the endless stimulus that creates more bubbles and kills the middle class, and should assist in restructuring the unprecedented debt bubble of 1983–2008.
Dent shows that if you take the time to understand demographic data, using it to your advantage isnt all that difficult. By following his suggestions, readers will be able to find the upside to the downturn and learn how to survive and prosper during the most challenging years ahead.

About the Author

James Rickards is a seasoned counselor, investment banker, and risk manager. He advises the Department of Defense, the CIA, and the director of national intelligence on global finance. A frequent guest on CNN, Fox, C-SPAN, CNBC, Bloomberg TV, and NPR, Rickards also lectures at Northwestern University and the School of Advanced International Studies.

What Our Readers Are Saying

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Average customer rating based on 1 comment:

EEngineer, November 20, 2011 (view all comments by EEngineer)
From my review at calculatedrisk:
---------
Overall a very concise overview of where the world financial system currently stands and where it is likely headed. Two thumbs up.

Given the author's history it's not surprising that he was invited to participate in financial war games. What is so intriguing is that it almost seems that some elements in TPTB not only "get it", but appear to have actually asked him to publicize the event in an effort wake up the rest of the establishment. One can hope they are successful. I plan on giving the book to family and friends this Christmas to spread awareness where I can.

The book itself has few surprises for the regular CR crowd that has been here watching the play-by-play of this train wreck since the early housing bubble days. What it does have is the tightness of Tanta's Ubernerd essays that make the material accessible to the layman. If I had to find a shortcoming I would say chapter 3 needs a dozen more pages on the front end to take the history of money back farther than the late 19th century. The average person simply has no understanding of what fiat currency or fractional reserve banking is or means. I think that would "compleat" the primer and give the newbie the frame of reference needed to understand the big picture more easily. Minor quibble...

One issue not addressed is the isolation of the Chinese financial system. I tend to think that is intended as a feature of the Chinese system and not a bug. I ponder whether this currency war is a public vs private banking system conflict and if the PBOC has decided to quarantine themselves until the private (western) system collapses?
Was this comment helpful? | Yes | No
(1 of 1 readers found this comment helpful)

Product Details

ISBN:
9781591844495
Author:
Rickards, James
Publisher:
Portfolio
Author:
Dent, Harry S., Jr.
Subject:
Government & Business
Subject:
Business Writing
Subject:
Business-Accounting and Finance
Subject:
Money & Monetary Policy
Subject:
Economic Conditions
Edition Description:
Paperback / softback
Publication Date:
20111131
Binding:
HARDCOVER
Grade Level:
from 12
Language:
English
Illustrations:
Charts and graphs t/o
Pages:
384
Dimensions:
9 x 6 in 1 lb
Age Level:
from 18

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Related Subjects

Business » Accounting and Finance
History and Social Science » Economics » General
History and Social Science » Economics » Global Economics
History and Social Science » Politics » United States » Foreign Policy

Currency Wars: The Making of the Next Global Crisis Used Hardcover
0 stars - 0 reviews
$16.95 In Stock
Product details 384 pages Portfolio - English 9781591844495 Reviews:
"Publishers Weekly Review" by , "In 2008, Rickards, an investment banker with extensive experience in hedge funds, was invited to participate in a seminar sponsored by the Department of Defense, which examined the safety of U.S. sovereign wealth funds in the case of economic warfare. As Rickards explains, 'Sovereign wealth funds are huge investment pools established by governments to invest their excess reserves.' He participated in further seminars that addressed the impact of futures markets, derivatives, and more, on strategic commodities such as oil, uranium, copper, and gold. Rickards's first book is an outgrowth of his contributions and a later two-day war game simulation held at the Applied Physics Laboratory's Warfare Analysis Laboratory. He argues that a financial attack against the U.S. could destroy confidence in the dollar. In Ricards's view, the Fed's policy of quantitative easing by lessening confidence in the dollar, may lead to chaos in global financial markets. Possible strategies for dealing with such a situation include a return to the gold standard. Though the book will no doubt interest policymakers, even non-experts will be rewarded for their efforts. (Nov.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
"Synopsis" by ,
The next financial collapse will resemble nothing in history. . . . Deciding upon the best course to follow will require comprehending a minefield of risks, while poised at a crossroads, pondering the death of the dollar.

The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.

In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.

James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.

"Synopsis" by ,
Bestselling author and financial guru Harry Dent shows why were facing a “great deflation” after five years of desperate stimulus — and what to do about it now

Throughout his long career as an economic forecaster, Harry Dent has relied on a not-so-secret weapon: demographics. Studying the predictable things people do as they age is the ultimate tool for understanding trends. For instance, Dent can tell a client exactly when people will spend the most on potato chips. And he can explain why our economy has risen and fallen with the peak spending of generations, and why we now face a growing demographic cliff with the accelerating retirement of the Baby Boomers around the world.

Dent predicted the impact of the Boomers hitting their highest growth in spending in the 1990s, when most economists saw the United States declining. And he anticipated the decline of Japan in the 1990s, when economists were proclaiming it would overtake the U.S. economy.

But now, Dent argues, the fundamental demographics have turned against the United States and will hit more countries ahead. Inflation rises when a larger than usual block of younger people enter the workforce, and it wanes when large numbers of older people retire, downsize their homes, and cut their spending. The mass retirement of the Boomers wont just hold back inflation; it and massive debt deleveraging will actually cause deflation—weakening the economy the most from 2014 into 2019.

Dent explores the implications of his controversial predictions. He offers advice on retirement planning, health care, real estate, education, investing, and business strategies. For instance . . .

 
  • BUSINESSES should get lean and mean now. Identify segments that you can clearly dominate and sell off or shut down others. If you dont, the economy will do it for you, more painfully and less profitably.
  • INVESTORS should sell stocks by mid-January 2014 and look to buy them back in 2015 or later at a Dow as low as 5,800.
  • FAMILIES should wait to buy real estate in areas where home prices have gone back to where the bubble started in early 2000.
  • GOVERNMENTS need to stop the endless stimulus that creates more bubbles and kills the middle class, and should assist in restructuring the unprecedented debt bubble of 1983–2008.
Dent shows that if you take the time to understand demographic data, using it to your advantage isnt all that difficult. By following his suggestions, readers will be able to find the upside to the downturn and learn how to survive and prosper during the most challenging years ahead.

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